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Question: The utility function that Jane receives by consuming food and clothing is given by U= F*C.
1) In a diagram, draw the indifference curves associated with utility levels of 12 and 24 (measure clothing along the horizontal axis).
2) Suppose that the price of food is $1 per unit and the price of clothing is $3 per unit, and Jane has $12 to spend. Graph the budget line that Jane faces in the diagram you have drawn for part (a).
3) From your diagram, find Jane's utility-maximising choice of food and clothing.
4) What is the MRSC,F at the point of utility maximisation?
Which are some of the assumptions about an indifference map, and what reasoning lies behind them?
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